Ria expands to Malaysia and Middle East with acquisition of Malaysian-based Money Transfer Provider IME

Ria is pleased to announce that it has acquired one of the leading Money Transfer providers in MalaysiaIME (M) Sdn Bhd (IME).

This new agreement is a game changer for Ria and likely a disruptor to other providers in the Money Transfer industry as it includes expansion for Ria into important new markets in the Middle East and Malaysia. Through the acquisition, Ria gains nine new remittance sending countries in Asia and the Middle East.

IME has the biggest retail footprint of any Money Transfer provider in Malaysia. Along with IME’s 71 stores, 17,000 new locations will be added to Ria’s existing network.

Established in 2001, IME is a well-respected remittance company in Malaysia. They were also the first independent remittor offering services to Nepal – the third largest recipient of remittances from Malaysia. The company has also been recognised by the World Bank as one of the main industry players in Malaysia, providing a level of service equal to that of other global leaders.

Money transfer is IME’s core product, with a focus on the facilitation of outbound family remittances for the migrant population in Malaysia. IME also offers Currency Exchange, Mobile Top-up and they operate an online money transfer service.

Ria IME

From left to right: Miguel Aguado, Compliance Officer Asia, Shawn Fielder, Chief Financial Officer, Espen Kristensen, Managing Director South East Asia and Oscar Arranz, IT Director Asia – all from Ria.

In a press release, Michael J. Brown, Euronet’s Chairman and Chief Executive Officer stated: “IME is a well-known and trusted provider of remittances in the fast-growing Asian money transfer market, with world class service for both send and payout transactions. IME’s current markets account for approximately $115 billion in remittances per year according to the World Bank.

“IME provides an optimal geographical footprint for Ria to leverage its money transfer network, volumes and management team in order to achieve efficiencies and eliminate the learning curve when entering new markets. I am particularly excited about the combination of IME and Ria, as IME has produced double-digit growth rates in the South Asian market consistent with the growth we are seeing across other money transfer markets.”

In the same press statement, Hem Raj Dhakal, Managing Director of IME Malaysia, stated: “Ria is a well-respected leader in the money transfer industry with a commitment to fast, affordable, secure money transfers. Our customers will benefit from Ria’s extensive global network of 246,000 locations. Euronet’s strong balance sheet and the combined team will help accelerate IME’s growth trajectory in the region.”

Espen Kristensen, Ria’s Managing Director for South East Asia who will head the operations in Malaysia, added: “The two companies are highly complementary and this agreement now positions Ria as a force to be reckoned with for expansion in the Asia-Pacific region. We look forward to welcoming around 500 IME staff to the Ria family and will continue to deliver low-cost remittances and provide the families who rely on our services with the usual high standard of customer care.”

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IME’s existing network includes over 75,000 payout locations worldwide.